Private equity firm CVC has sold its stake in Spanish utility company Naturgy for $3.57 billion, marking another major divestment from the energy sector.

The sale follows a similar move by BlackRock earlier this year. In March, a BlackRock-owned fund sold its entire stake in Naturgy, raising $3.3 billion from the transaction.

Naturgy is one of Spain's largest utility companies, operating in the natural gas and electricity sectors. The company has operations across Spain and other international markets.

The timing of both sales reflects ongoing portfolio adjustments by major investment firms in the utilities sector. The transactions represent significant capital movements within European energy markets as institutional investors reassess their positions in traditional utility companies.